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Our responsible investment approach

As our business continues to grow, PIC is becoming an increasingly visible presence across the UK’s economy and society. Not only are we paying £2,072 million a year in pension payments to our policyholders, but the assets we invest in to support these payments help to make the economy greener, provide social housing, regenerate our cities and support our education system for the benefit of younger and future generations.

As asset owners we look at sustainability as part of the whole investment picture. We evaluate a number of risk factors on each and every investment decision we take.

Purposeful and long-term investments mean that we have always considered financial and non-financial risks – including ESG factors. This covers things like: 


  • greenhouse gas and carbon emissions
  • pollution
  • energy efficiency
  • deforestation
  • biodiversity
  • waste and water management
  • Sustainability


  • consideration of all stakeholders
  • customer satisfaction
  • employee engagement and retention
  • impact on the local community
  • cultural and gender diversity
  • fair pay and taxes



  • principles for running a business
  • integrity of corporate actions
  • internal audit and accountability
  • diversity of the Board
  • fair profit
  • bribery, corruption and whistleblowing

Sustainable assets (%)

How we focus on long-term value creation underpins our approach to Environmental, Social and Governance ('ESG') issues.

The total value of our sustainable assets is £11.4 billion.

(as at 31 December 2023)

Responsible investment approach

Need more information on PIC's responsible investment approach? Download our key documents here to discover more.

Our business can only work the way we do by looking long-term.

Our purpose is to pay the pensions of our current and future policyholders. The guaranteed pensions of all of our policyholders is backed by a purposeful investment strategy. As risk-averse investors, the strategy prioritises the management of key risks, including Environmental, Social and Governance and climate risk.

"PIC is a company you can trust. They are professional, serious, clear. Clarity of communication is excellent."

PIC policyholder

Our Net Zero commitments

PIC’s climate targets and achievements

Carbon neutral as a business by


We have committed to being carbon neutral as a business by 2025

Net Zero across all emissions by


We have committed to being Net Zero across all emissions by 2050

Reduced Scope 1 and 2 emissions intensity by


During 2022 PIC reduced its Scope 1 and 2 carbon emissions per Full Time Employee (“FTE”) by 18%

Decrease by 2030 from

2019 levels


PIC is committed to

decreasing the investment

portfolio’s average carbon

intensity (tons CO2/£m

revenue) by 50% by 2030

from 2019 levels

Decrease by 2025 from

2019 levels


PIC set an interim target of decreasing the average carbon intensity of investments in publicly-listed corporate credit by 25% from 2019 levels by 2025

Weighted Average

Carbon Intensity



Tons CO2e/£m revenue

The weighted average carbon intensity of PIC’s portfolio represents 78% of investments and this is a 14% decrease compared to 2021

Temperature alignment of


for public corporate credit portfolio

PIC’s public corporate credit portfolio is aligned to a 2.08°C temperature rise, with 70% of reporting corporates on a trajectory of 2°C or below

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